One critical element that the story did not mention was the imposition of capital controls to enable effective structural reform. This is something that has not been done (at least not collectively) since the post-war period often known as the Golden Age of Capitalism (1945-1971).
Ironically, in the same year the people of Iceland democratically elected to default on sovereign obligations, the IMF released a paper entitled, "Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely" ...
Ironically, in the same year the people of Iceland democratically elected to default on sovereign obligations, the IMF released a paper entitled, "Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely" ...